The results have affirmed the timeliness of the company's decision to open Yafriro Celebrer Le Temps in the Siam Paragon shopping complex. Its sales are also reflective of the strong demand for high-end watches in Thailand.

Yafriro Celebrer Le Temps, the company's fourth boutique, has already generated Bt110 million in sales since it opened, and it expects about another Bt30 million in revenue over the next three months, according to Salisar Eimmanoch, Yafriro's managing director. The company's other branches are in Malaysia and Indonesia. The Singapore branch sells 70 to 80 watches per month.

The company opened its boutique at Siam Paragon right after the luxury shopping complex opened its doors. The company spent Bt50 million opening the 212-square-metre boutique, which sells nine exclusive brands from Switzerland and France.

Salisar said the Yafriro planned to introduce new watch brands that are not widely known as opposed to other retailers that tend to sell the same brands found at multiple high-street outlets.

Yafriro stocks Parmigiani, Dewitt, deLaCour, BRM, Jacob&Co, Hautlence, Greubel Forsey, Jean Dunand, HD3, Michel Jordi and Vincent Berard. The company has exclusive contracts ranging from three to five years to sell the brands in Thailand.

Starting at Bt200,000, the minimum watch prices in the Yafriro boutique are higher than other luxury retailers. Its priciest chronometers go for Bt30 million each.

Salisar admits the company's line-up means it has to work harder to sell than other retailers, so it focuses on creating brand awareness. However, she says it was worth the effort given that customers become loyal to the brands once they become aware of them. In addition, because it stocks independent watch brands Yafriro has the freedom to market the watches without the constraints that marketing departments of major watch brands usually impose on retailers.

The company's marketing strategy includes arranging monthly campaigns, advertising in magazines, building awareness through public relations, creating fashion shoots for magazines and arranging campaigns in conjunction with businesses such as credit-card operators.

Salisa said Yafriro's headquarters in Singapore had not set a local marketing budget, instead allowing Yafriro Celebrer Le Temps the flexibility to determine the right amount. She said that was particularly crucial over the next few years as the store tried to make a name for itself.

By the end of the year Yafriro will introduce a new line from Swiss watchmaker Marc Rouah.

Nitida Asawanipont

The Nation